The Competition Policy Review Panel has this afternoon released its Final Report, recommending wide-reaching changes to competition laws, the institutions that enforce them and the competition policy landscape.

The most comprehensive review of Australia’s competition law and policy in twenty years, the Harper Review, is due in 2015. To read our guide on the Harper Review including opportunities and risks for your business download the “G+T Insights” App from Google Play or the AppStore.

The Financial System Inquiry led by David Murray (Murray Inquiry) released its final report on 7 December 2014 with the aim of outlining a blueprint for the Australian financial system over the next decade. For a summary of key points arising from the Murray Inquiry’s observations and recommendations download the “G+T Insights” App from Google Play or the AppStore.

NFC technology has captured the imagination of many sectors all across the world, and Australia is certainly no exception – it may not be an overstatement to say that Australia is leading the world in contactless payments. For an overview of NFC, uptake in Australia and a look into the future, download our “G+T Insights” App from Google Play or the AppStore.

The Australian Competition and Consumer Commission (ACCC) launches 2015 Compliance and Enforcement Policy at CEDA in Sydney. This policy provides valuable insight into the ACCC’s enforcement priorities for the year ahead.

The Financial System Inquiry led by David Murray (Murray Inquiry) released its final report on 7 December 2014 (Final Report) with the aim of outlining a blueprint for the Australian financial system over the next decade.

With the ACL Consumer Guarantees continuing to rank highly on the ACCC’s enforcement priorities, now is an appropriate time for businesses to review their practices and policies with regard to the Australian Consumer Law and in particular the consumer guarantees.

In a judgment handed down today in the Federal Court, Perram J dismissed allegations brought by the ACCC that Air New Zealand and Garuda had colluded between 2001 and 2006 with other airlines to fix surcharges and fees for air cargo services in contravention of the Trade Practices Act 1974 (TPA) (now the Competition and Consumer Act 2010).

The Harper Review’s draft report (Draft Report) considers that the price signalling provisions set out in Division 1A of the Competition and Consumer Act 2010 (CCA), which currently apply only to the banking sector are not “fit for purpose” and should be repealed. In their place, the Draft Report recommends that the general prohibition on anticompetitive agreements in section 45 of the CCA should be extended to cover “concerted practices” which have the purpose, or have or would be likely to have the effect, of substantially lessening competition.

On 2 October 2014, the Vertigan Panel (Panel) released the final document in its suite of reports concerning the National Broadband Network (NBN). This final report, entitled “Market and Regulatory Report” (Report), considers the most appropriate overall structure and regulatory framework for Australia’s future including the role of infrastructure based competition and NBN Co’s role in that market.

On 22 September 2014, the Competition Policy Review Panel chaired by Professor Ian Harper (the ‘Harper Review’) released its much anticipated Draft Report. In this update, we have tried to cut through the 300-page Draft Report and the Panel’s 52 recommendations, to identify those key proposals that, if accepted, are most likely to impact you and your business or industry.

We think the tipping point for contactless payments will be consumers using smartphones to make contactless payments via mobile wallets. To learn more about how the Australian regulatory / legal landscape could affect the roll out of your mobile wallet download the “G+T Insights” App from Google Play or the AppStore .

Rani John, Elizabeth Avery and Peter Feros have contributed the Australian chapter of the fourth edition of The International Investigations Review. The chapter gives an overview of the investigatory powers of the ACCC, ASIC and the ATO and outlines significant developments in enforcement matters in Australia. To download an eBook or PDF version of the entire fourth edition of The International Investigations Review, please visit: http://thelawreviews.co.uk/download/edition/1034/the-international-investigations-review/

On 26 August 2014, the Vertigan panel released its second report on the Independent Costs Benefit Analysis of Broadband and Related Regulation which sets out the costs benefits analysis of alternative options for delivering higher broadband speeds to Australian households and businesses.

There has been a stratospheric rise in online and app-based social gaming due to the ubiquity of internet and smartphone use. As these games grow in popularity, consumers of all ages are increasingly willing to exchange “real” money for virtual currency within the game environment. This raises regulatory issues relevant to consumer protection, gambling, anti-money laundering and banking and financial services.

For the past year the Australian Securities and Investments Commission (ASIC) has been monitoring how companies disclose information to market analysts. The corporate, markets and financial services regulator has foreshadowed legal action against companies and market analysts it identifies as having breached market trading rules. In this broadcast, regulatory enforcement specialist Rani John examines ASIC’s recent report about practices in analyst briefings, risks that companies and advisers should be aware of, particular practices that ASIC is critical of and expected further activity from ASIC in this area.

On 9 April 2014 the Australian Competition and Consumer Commission released a draft version of the immunity and co-operation policy for cartel conduct and Frequently Asked Questions regarding the Policy for public comment. Comments are due by 7 May 2014 to immunityreview@accc.gov.au.

By their very nature, reports of internal investigations can contain material which may be extremely damaging in any subsequent litigation. Recent decisions in the US and the UK provide a timely reminder that legal professional privilege only attaches to communications when strict criteria are met, and that reports of internal investigations will often fail the test unless careful precautions have been taken. Click here for more on those cases, and some tips to maximise the ability to claim privilege in this context.

On 27 March 2014 the Minister for Small Business, Bruce Billson MP, announced the appointment of the Review Panel that will oversee what had been referred to as the ‘root and branch’ competition review, but will be known to history as the Harper Review.

Regulatory enforcement specialists Rani John and Genevieve Rahman examine how the Proceeds of Crime Act 2002 can magnify the risks connected with foreign bribery, and the implications for individuals and corporations. Click here to access the white paper and video cast.

In February 2014, the ACCC brought Federal Court proceedings against Pfizer Australia for alleged misuse of market power and exclusive dealing in relation to its previously patent protected cholesterol lowering drug, “atorvastatin” (both its originator brand “Lipitor” and its generic atorvastatin product). Lipitor was for some years Australia’s highest selling prescription medicine under the Pharmaceutical Benefits Scheme.

Professor Fred Hilmer AO, President and Vice-Chancellor of the University of New South Wales and formerly head of the 1992–1993 Independent Committee of Inquiry into a National Competition Policy for Australia, recently presented to Gilbert + Tobin’s clients and the Business Council of Australia’s members at a Competition Policy Forum on the Commonwealth Government’s Root and Branch Review.

Our Competition Review comprises a written publication, a short video introduction presented by Gilbert + Tobin Lawyers Morelle Bull and Charles Coorey and video interviews which we conducted with experts in the Australian Competition and Regulatory Law field.

We discuss the High Court’s majority decision in ACCC v TPG and how it provides important guidance on the question of how the knowledge imputed to the reasonable consumer impacts the assessment of whether advertising is misleading or deceptive.

On Friday 6 December, the Federal Court of Australia published its reasons in ACCC v Flight Centre Limited (No 2) [2013] FCA 1313, finding that Flight Centre attempted, on six occasions, to induce three airlines (being Singapore Airlines, Emirates and Malaysia Airlines) to make collusive arrangements with it in relation to Flight Centre’s retail or distribution margin for air fares for international air travel in the period August 2005 to March 2009. The Court found that these collusive arrangements would have (if entered into) lessened competition in the market for the retail sale or distribution of airline tickets.

On 20 November 2013, the NSW Court of Criminal Appeal published its reasons for its decision on 17 July 2013 to quash Stuart Fysh’s convictions for insider trading, relating to the purchase of shares in Queensland Gas Company. We discuss the Court of Criminal Appeal’s decision.

With the size and complexity of commercial litigation on the rise, and a corresponding increase in the size and complexity of discovery, it is an unfortunate reality that mistakes can sometimes occur during the discovery process.

This Reporter provides an overview of key developments in the competition, consumer and regulation sector, including recent ACCC merger reviews, competition and consumer law enforcement and various ACCC authorisations and investigations. In particular, this edition highlights recently completed merger reviews conducted by the ACCC, the ACCC’s recent cartel immunity policy review, the ACCC’s updated merger review process guidelines and international competition news.

On Friday the ACCC published its finalised Informal Merger Review Process Guidelines (Process Guidelines). The Process Guidelines were informed by a consultation process conducted by the ACCC following the release of the draft Updated Merger Review Process Guidelines in June this year. We discuss the changes.